Brief Exercise 2-1
Your answer is correct.
For each of the following accounts, indicate the effects of a debit and a credit on the accounts
and the normal balance of the account.
Debit Effect
Credit Effect Normal Balance
res_EAT_1352974
res_EAT_1352974
De

Brief Exercise 3-2
Your answer is correct.
Moteki Company accumulates the following adjustment data at December 31.
Indicate the type of adjustment (prepaid expenses, accrued revenues and so on), and the status
of accounts before adjustment (overstated or

Multiple Choice Question 54
Your answer is incorrect.
An accounting convention is best described as
something that cannot be
changed.
an accounting
custom.
an optional rule.
an absolute truth.
Answer
Close
Multiple Choice Question 54
An accounting convent

Multiple Choice Question 98
Correct.
A sales discount does not
reduce the amount of cash received from a credit sale.
increase a contra-revenue account.
increase an operating expense
account.
provide the purchaser with a cash saving.
Multiple Choice Quest

Brief Exercise 1-3
Your answer is partially correct.
At the beginning of the year, Sielert Company had total assets of $701,470 and total liabilities of $220,740. Answer the following questions.
(a) If total assets increased $144,940 during the year and t

Multiple Choice Question 43
Your answer is correct.
Freight terms of FOB shipping point mean that the
seller must debit freight out.
goods are placed free on board at the buyer's place of business.
seller must bear the freight costs.
buyer must bear the f

Brief Exercise 7-3
Your answer is correct.
Benji Borke has prepared the following list of statements about accounting information systems.
Identify each statement as true or false.
1
.
The accounting information system includes each of the steps of the ac

Multiple Choice Question 146
Your answer is incorrect.
The following items are taken from the financial statements of the Postal Service for the year
ending December 31, 2014:
Accounts payable
$ 18,000
Accounts receivable
11,000
Accumulated depreciation e

Multiple Choice Question 42
Your answer is correct.
The process of recording transactions has become more efficient because
business events are recorded only at the end of the year.
fewer events can be quantified in financial terms.
computers are used in

Brief Exercise 8-9
Your answer is correct.
On March 20, Dodys petty cash fund of $105 is replenished when the fund contains $9 in cash and receipts for postage $46, freight-out $11, and travel expense $33.
Prepare the journal entry to record the replenish

Brief Exercise 6-1
Your answer is correct.
Farley Company identifies the following items for possible inclusion in the taking of a physical
inventory.
Indicate whether each item should be "Included" or "Not Included" from the inventory taking.
res_EAT_135

Multiple Choice Question 50
Your answer is correct.
An accounting time period that is one year in length, but does not begin on January 1, is referred
to as
a fiscal year.
an interim period.
a reporting period.
the time period assumption.
Multiple Choice